The euro has failed to gain any ground in forex trading this morning (February 18th) as investors remain tentative despite news of Germany's economic outlook improving.
According to the latest report from the Bundesbank, the country is set to avoid the threatened recession by making progress in terms of gross domestic product growth between January and March 2013, after the economy shrank by a shock 0.6 per cent in the final three months of 2012.
Recession is defined as two consecutive quarters of contraction, but the central bank seems confident the first three months of this year will prove to be more prosperous.
"For the rest of this year, the economy is expected to pick up gradually, even if the external economic environment will provide no trigger for a sharp surge in demand," the Bundesbank stated.
At 08:45 GMT, the euro was flat versus the dollar at $1.335, while it lost marginal ground in trading with the pound to £0.862.
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